France Telecom adjusts dividend policy; profit off

MADRID (MarketWatch) -- France Telecom SA
fr:fte
on Wednesday reported a fall in adjusted earnings and said it would adjust its dividend policy, given the "uncertain macro-economic and competitive environment." For the fourth quarter, France Telecom said earnings before interest, taxes, depreciation and amortization were 3.47 billion euros ($4.6 billion), against €3.6 billion in the year-ago period. Revenue for the group slipped to €11.43 billion against €11.7 billion in the year-ago period. A survey of analysts polled by Bloomberg News had forecast Ebitda of €3.42 billion and sales of €11.38 billion. The group said it would adapt its dividend policy to align with operating cashflow generation. The company said the amount allocated to dividends for 2012 and 2013 should be within the range of 40% to 45% of operating cash flow to preserve the group's financial strength and maintain a medium-term net debt/Ebitda ratio of 2. For 2012, France Telecom sees operating cashflow of €8 billion, down from €9.3 billion for 2011.

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